Also, have you heard of bidding on a Fanni Mae house before it is available to investors; by contacting the listing agent in writing, then when they call you and explain you cannot bid on the property yet, asking them to hold onto the bid?

That might be a friend at a real estate agency, someone looking to buy & hold in that area for appreciation, etc.

@Richard Miller there is a ton of investor rehabs going on in Baltimore to both flip and hold to rent, and has been for the last several years.  

Buy and Hold strategy with 10 doors - looking for partners and contacts to take business to next level.

I am interested in Buy and Hold properties and investing in Philly.What part of the city are you looking to flip in?

Even with two possible outcomes I won't be left holding a worthless note.

@David What I have found out in the course of the tax lien world with Florida is that many times a person who holds the older lien will wait to see if any of the other lien holders, providing that they are past the 2 year redemption period, will go forward with the foreclosure instead. 

The BRRRR method is quite attractive to me, I'd like to buy and hold and get great value in that. 

I get that I would be buying out the shares for the individual who holds all the shares within the established LLC, and it seems there will be no closing costs.

If this meets your criteria, and you plan on holding for a long time, then no worries.